Making your money last: Budgeting Tips
As a student, money can be scarce and a severe headache overall! Even if you have plenty of it, at the end of the month or week, you might still be left with next to nothing.
That’s where budgeting comes in!
The first step to managing your money effectively is awareness – to have a snapshot of what you have and how much you spend. After that, it is all in the planning and knowing the resources available to you. Here are some tips for budgeting:
1. Start income and expense tracking
In this ‘tap-in, tap-out’ world, overspending can be very easy and subtle. It is important to know what money you have coming in and what you are spending it on. You can make use of digital tools like money-tracking applications, spreadsheets, or go manual using a pen and a notebook. The aim is to understand your spending habits, find areas where you can increase your income, save money and plan. After drafting a budget the golden rule is income should always be greater than expenses.
2. “Do I really need it?”
At the heart of budgeting is the question of whether you actually need something or only want it. Ask yourself this before you press ‘add to trolley’! You shouldn’t compromise on spending on genuine needs or emergencies – but some purchases are best left as an item in that cart!
It doesn’t mean you should be excessively frugal; rather, it’s a way to assess and think deeper before spending. Maybe that thing you want can be found for a lower cost later? Maybe there are better alternatives, or maybe there is something else that’s driving your desire to purchase. Thinking more deeply about your needs versus your wants gives perspective and saves money.
3. Know your exemptions
As a student there are many ways you can get discounts, exemptions or subsidised prices. If you are on a full-time course you are likely to be exempt from council tax; sites and apps like Student Beans and Unidays have promotional vouchers and codes specifically for students.
There’s lots of useful tips from other students and the Money & Housing Advice team on the University website - Cost of Living | University of Law
Budgeting is the first step towards making sure that you’re prepared for financial setbacks, emergencies, and any unexpected expenses.
As well as offering help with any money (or housing) related issue the Money & Housing Advice team offer 1-2-1 budgeting sessions.
You can request a budgeting session by filling in this form - Money & Housing Advice Team budgeting sessions – Fill in form and you can contact the Money & Housing Advice team by emailing moneyandhousingadvice@law.ac.uk
Shreyada Regmi
MSc Business Analytics
Money Mentor
